Winchester-Frederick County, VA Third Quarter Real Estate Market Report – 2017
The Winchester-Frederick County, VA third quarter real estate market for 2017 showed continued growth and stability. The numbers that need to be up are up and the numbers that should be down are down. That’s good news for buyers and sellers.
Winchester-Frederick County, VA Third Quarter Real Estate Market Report – Up Numbers
For sellers, the average price of a three bedroom 2 bath home has climbed consistently for the past five years. The current average price is $279290. That is a 17% increase from the 2013 average sales price of $233113. For sellers, that’s a welcome change from the difficult days of the recession.
The number of home sales is consistent with the past five years. The number of home sales in the third quarter of 2017 was 452. The average over the past five years is 456. Where the real change in the local real estate market can be seen is when you look back to the recession and follow the recovery as it unfolded.
Winchester-Frederick County, VA Third Quarter Real Estate Market Report – Where we’ve been.
The recession did not take full effect until 2009. In 2009, third quarter home sales were 378 and 51% of those sales were distressed properties (foreclosures and short sales). It took an average of 93 days for a home to get to closing. The average home sale was $199640. Compare that to the same period in 2007 and you see that home values dropped 37%. An average home sale in the third quarter of 2007 was $315968.
Shift forward to 2017 and home values have not recovered to that 2007 point, but they have reached a true market value and not the inflated value of 2007. Current market values are now off 12% from the same period in 2007. That gives you some sense of the how inflated prices had risen in the pre-recession years. The current market values have increased in a steady pattern since 2013.
Winchester-Frederick County, VA Third Quarter Real Estate Market Report – Steady improvements
Third quarter price increases rose 4.5% in 2014, 4.4% in 2015, 5% in 2016 and 3.6% in 2017. Third quarter numbers are still being calculated nationwide, but the second quarter numbers give us a glimpse into the nationwide market stability and how it compares to our local market. The second quarter price increases came in at 6.2%. The Winchester-Frederick County third quarter real estate market is right in line with the majority of the nation.
With a steady, and healthy, increase in home values, and a radical drop in distressed properties since the worst days of the recession, it is easy to say the Winchester-Frederick County, VA real estate market is strong a vibrant. There is little concern or worry about bubbles looming on the horizon.
It is a good time to buy, and it is a good time to sell. Interest rates are still at historical lows and homes that are ready to sell, sell quickly and for values near their list price. A 1% – 2% sale discount is common, and discounts exceeding those numbers may show that a property was overpriced for the current market environment at the time of list.
When you’re ready to buy your dream home on the Winchester-Frederick County, VA real estate market, give Cornerstone Business Group, Inc., a call. We are your local sales pros. And, we can do the same when time comes to list your amazing home. Gives us a call, and let’s make something great happen.